Friday, September 11, 2015

Australian Accounting Software For Small Business

The world of online accounting software has already seen much activity in 2015. MYOB Essentials, Xero, Intuit QuickBooks Online, Reckon One, Saasu - the choice for small businesses is the best it's ever been.

Information that's missing at the last minute can take up extra time and be costly. It's a great idea to do an audit now of W-9s to grab missing addresses and tax ID numbers of your contractors. Also do a scrub of your employee payroll records so that your W-2s will be complete and accurate.


Be sure to check with your advisors on new laws affecting individuals and businesses next year. One of the biggest ones making news is avoiding the fine involved regarding the new health care requirements for individuals. And there are many more you'll want to get up to speed on so that you'll know how they affect your situation.


The Intuit Payment Network (IPN) is a best-kept secret when it comes to sending and receiving money. It's free to set up your account, and it's also free for your receiver to set up an account. All you do is add your bank account, and you can easily transfer funds between the two accounts just by knowing the receiver's email address.

The receiver of money only pays 50 cents per transaction, so when you have a large transfer of funds, it's totally worth it. It saves you postage, check stock, envelopes and the related mailing labor. You could even increase your payment by 50 cents so that your receiver receives exactly what you owe them.

When it comes to finances, it's never a good idea to mix business and personal, especially when it's coming out of the same bank account. Keep separate accounts for business and personal, and your bookkeeping costs will go way down. Do the same thing for credit cards as well.


If you're comfortable with credit cards and you can maintain control of your spending, it saves accounts-payable time when you can charge everything you spend on business to your credit card as long as you pay it off every month. Using your card is faster at checkout than writing a check these days, so you'll save time on errands as well.